Rotting at the dockLeslie's $LESLQ
Saw revenue fall 6.6% in FY2025 to $1.2 billion, operating margin -13.7% against a 0.2% median for retail stores, equity -55.0% of assets.
Last filing8-K · Item 1.03 Bankruptcy or Receivership, 22 Oct 2026
Edgarette’s full reading · exposure, experience, soundness, credibility, range
🫧 Edgar looked up LESLIE’S, INC. ($LESLQ). Last filing: 8-K (1.03 Bankruptcy or Receivership), 2026-10-22. 11 event filings (8-K) in the past twelve months. Auditor change (8-K Item 4.01) filed 2026-01-30.
🔖 Exposure: revenue $1.2B (FY2025), total debt $756.6M. Experience: revenue down 6.6% on the year, down 1.9% a year over 4 years; operating margin -13.7%, down from 4.3%. Soundness: equity -55.0% of assets (liabilities exceed assets). Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $972.9M and $1.3B next year (method v4.1: its own 4-year record of growth weighed at 50% against $1B–10B filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $872.9M to $1.5B. A statistical range, not company guidance. Against peers (11 filers, $50M+ revenue, retail-retail stores, nec): operating margin -13.7% against a 0.2% median; growth -6.6% against -0.4%.
Read from its own SEC filings · nothing written, nothing inferred
Speed and cash · fiscal 2025
Both views must agree for a label · a description, not advice.
| Cash flow (op · inv · fin · free) | $9M · −$25M · −$28M · −$17M |
| Investment book (cash · short · long) | $64M · — · — · current ratio 1.57 |
| Revenue swing · equity of assets | 11.4% · -75.4% |
Leslie’s is growing slower than its size class, with revenue that swings more. Its own audited SEC figures.
The figures, as filed
| Fiscal year end | 2025-10-04 |
| Revenue | $1.2B |
| Revenue, on the year | −6.6% |
| Revenue, a year over the record | −1.9% |
| Operating margin | −13.7% |
| Operating margin, prior year | 4.3% |
| Net margin | −19.1% |
| Research and development | not filed separately |
| Total debt | $757M |
| Equity of assets | −55.0% |
| Return on equity | — |
| Payout of profit | — |
| Dividend per share | — |
| Earnings per share | $-25.57 |
| Book value per share | $-44.02 |
| Revenue per share | $134.00 |
| Shares outstanding | 9,268,000 |
| Audited years read | 5 |
Peers: the median of 11 filers with $50M+ revenue in retail-retail stores, nec.
Classic signals · fiscal 2025Altman Z″ -3.14 distress zone 1968Piotroski F 4 of 9 middling 2000Beneish M -4.69 below the −1.78 line 1999Sloan accruals -27.4% earnings backed by cash 1996DuPont ROE needs net income, revenue and two years of assets and equity
What a terminal subscription used to buy, a filing and arithmetic now give anyone. Published method, from the same filings. Display only: nothing here moves the range or its receipt. Why? →
Health HarborLeslie’s sails as: Rotting at the dock
Health watch · 12 monthsBankruptcy or receivership ×3Exchange listing notice or transfer ×2Debt accelerated or triggeredAuditor changeRestructuring or exit costs ×2Material impairment ×2Director or officer change
Range at riskBankruptcy or receivership · 2026-10-22Bankruptcy or receivership · 2026-10-05 filed after the range was logged on 2026-10-01; the range is unchanged
Tied up at the dock.
🌊 Visit the Bay →- filed bankruptcy or receivership, debt accelerated or triggered, auditor change, restructuring or exit costs, material impairment in the last 12 months
- liabilities exceed assets (often from years of share buybacks, not always distress)
- slow and jumpy: growing slower than its size class, with revenue that swings more
- operating loss: a margin of -13.7% in FY2025
- free cash flow was negative: capital spending outran operating cash (-$16.7M in FY2025)
Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an operating loss; negative free cash flow outside regulated utilities; an 80% revenue range of ±25% or wider. A picture of the signs, not a rating and not investment advice.
Brand success factors · calendar 2025
The Trillion Score: 467
Exponential Success Score
Built on over $200 trillion of sworn revenue, 13 years of data, 770,002 figures. Sealed by Edgarette.
How The Trillion Score works. We read eight measures of success from Leslie's's own SEC filings and test each one against the public companies in its field, here retail stores. The longer and fuller the record, the more weight those results carry. A model built on past filings then turns them into the odds of thriving, which means outgrowing the field for three years without a severe decline. A score of 500 is about average, and every 100 points doubles the odds. Every company is ranked on this same scale.
What it says here. At 467, Leslie's's odds of thriving come to 31%, against about 37% for the typical filer. It meets 2 of 8 success points.
What the score means
The higher the score, the more often companies went on to thrive. At this level, about 35 of every 100 did.
Share of companies that beat their field for three years with no severe decline, tested on 2019 to 2022 filings.
Fall Risk: High
Separate from the score, this asks what could go wrong: the odds of sales falling 30% or the filings stopping within three years. In the tests, about 41 of every 100 companies in the High band did. That is the group's history, not a forecast for this company.
| Money | It burned about 1 cents of free cash on each sales dollar after paying for its plants and equipment. Its cash would cover that burn for about 0.2 years. Debt after cash comes to about 60 cents for each dollar of yearly sales. | high |
| Swings | In its worst fifth of years, sales fell about 9% a year. | -8.7% a year |
| Filed events | In the last two years it told the SEC about 1 filings on restatements, delisting notices, bankruptcy or debt defaults, and 2 filings on layoffs, write-downs or cyber incidents, and 9 filings on leadership or auditor changes. | 12 |
The eight success points
| Point | What it means | Place in field | |
|---|---|---|---|
| Speed | Sales grew slower than much of its field. | 33 of 100 | Not yet |
| Steadiness | Growth swung a lot for what it delivered. | 50 of 100 | Not yet |
| Price premium | It keeps less of each sales dollar than the leaders in its field. | 36 of 100 | Not yet |
| Margin stays above the field | Its margin has held above the field year after year. | 55 of 100 | Met |
| Moat half-life | Its margin edge is fading fast, or it has none yet. | 55 of 100 | Not yet |
| Brand spend yield | Brand spending returns less gross profit than for the leaders in its field. | 36 of 100 | Not yet |
| Learning curve | Costs have not fallen much as a share of sales as it grew. | 9 of 100 | Not yet |
| Climb in the field | It has been moving up the size ranks in its field. | 67 of 100 | Met |
Price premium -$32M is the extra gross profit over a field-median margin. Momentum -$28M is gross profit times growth above the field's pace.
The actuarial view
| Credibility | With 7 years of filings, the record earns 67% of the weight. The rest stays at the middle of the field. | 0.67 |
| Severe decline, class D | About 34 of every 100 companies with this many points fell 30% or stopped reporting within three years. | 34.3% |
| Actual vs expected | Sales are 18% lower than if it had simply kept pace with its field. | 0.82 |
Top of its field: #1 Ulta Beauty · #2 Bark · #3 Bath & Body Works · #4 Sally Beauty · #5 Rent the Runway
Ranked by The Trillion Score. See the method and score your own brand. Tested on 2019 to 2022 filings. Odds, class and Fall Risk figures are the experience of similar filers, not a forecast for this company. A statistical description of past filings, not a rating or advice.
- 8-K · 2026-10-22 · 1.03 Bankruptcy or Receivership; 9.01 Financial Statements and Exhibits
- 8-K · 2026-10-05 · 1.01 Entry into a Material Definitive Agreement; 1.03 Bankruptcy or Receivership; 2.03 Creation of a Direct Financial Obligation; 3.01 Notice of Delisting or Failure to Satisfy a Listing Rule; 9.01 Financial Statements and Exhibits
- 8-K · 2026-09-30 · 1.01 Entry into a Material Definitive Agreement; 1.03 Bankruptcy or Receivership; 2.04 Triggering Events That Accelerate a Financial Obligation; 2.05 Costs Associated with Exit or Disposal Activities; 2.06 Material Impairments; 3.01 Notice of Delisting or Failure to Satisfy a Listing Rule; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits
- 10-Q · 2026-08-12
- 8-K · 2026-08-12 · 2.02 Results of Operations and Financial Condition
- 8-K · 2026-06-01 · 8.01 Other Events
Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price. Reporting, not investment advice. No price targets and no trading recommendations. Figures from the SEC’s own data · every filing · this page as JSON · ask about another company